Question 3 Chengiz Hong started her own consulting firm, Chengiz Consulting, on May 1, 2014. The following transactions occurred during the month of May. May 1 Hong invested $7,000 cash in the business. 2 Paid $900 for offi ce rent for the month. 3 Purchased $600 of supplies on account. 5 Paid $125 to advertise in the County News. 9 Received $4,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $4,000 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for utilities. Required: (a) Show the effects of the previous transactions on the accounting equation using the following format. Assets Liabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Date Cash + Receivable + Supplies + Equipment = Payable + Payable + Capital -Drawings + Revenues - Expenses (b) Prepare an income statement for the month of May. (c) Prepare a balance sheet at May 31, 2014. (d) Explain the window dressing of balance sheet item. Provide THREE (3) examples for your argument